Legal Definitions - qualified property

Qualified property refers to the right to possess, use, and enjoy a specific thing, whether it is a piece of land or a chattel. It is the right of ownership, also known as a bundle of rights.

For example, if you own a house, you have the right to possess it, use it, and enjoy it. You can sell it, rent it out, or live in it. These are all part of your bundle of rights as the owner of the property.

Qualified property can also refer to any external thing over which the rights of possession, use, and enjoyment are exercised. For instance, an airport is city property, and the city has the right to possess, use, and enjoy it.